AXSO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 35 filings
Turnover
≈ €270,000
Estimated: probably between €180,000 and €420,000
Total assets
€2.0m▲ 1.8%
2024 · €2.0m
Net result
€37,881▲ 256%
2024 · €10,644
Working capital
-€1.5m▲ 4.0%
2024 · -€1.5m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€37,222
▲ 265%
2025
20182025
Net result
€37,881
▲ 256%
2025
20182025
Equity
€257,310
▲ 73.5%
2025
20182025
Total assets
€2.0m
▲ 1.8%
2025
20182025
Debt
€1.7m
▼ 3.9%
2025
20182025
Working capital
-€1.5m
▲ 4.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.01m--€0.02m▼ 9.3%€0.2m-€0.007m-€0.009m▼ 26.6%€0.004m€0.01m▲ 128%€0.04m▲ 265%
Net result-€0.02m--€0.02m▼ 8.6%€0.1m-€0.008m-€0.01m▼ 20.4%€0.005m€0.01m▲ 130%€0.04m▲ 256%
Equity€0.03m-€0.01m▼ 56.9%€0.2m▲ 12×€0.1m▼ 5.3%€0.1m▼ 6.7%€0.1m▲ 3.5%€0.1m▲ 7.7%€0.3m▲ 73.5%
Total assets€0.1m-€0.1m▼ 3.5%€1.1m▲ 940%€1.1m▼ 3.9%€2.0m▲ 86.6%€2.1m▲ 4.4%€2.0m▼ 4.5%€2.0m▲ 1.8%
Debt€0.08m-€0.09m▲ 15.3%€0.9m▲ 851%€0.9m▼ 3.5%€1.8m▲ 108%€1.9m▲ 4.8%€1.8m▼ 5.4%€1.7m▼ 3.9%
Working capital-€0.09m-€0.09m▲ 3.5%-€0.4m▼ 388%-€1.5m▼ 231%-€1.6m▼ 7.3%-€1.5m▲ 2.1%-€1.5m▲ 4.0%
The operating result for 2025 is over 3.6 times that of 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€2.0m ▲ 0.5%
Current assets
€41,219 ▲ 148%
Equity and liabilities €2.0m
Equity
€257,310 ▲ 73.5%
Provisions
€48,066 ▼ 6.4%
Debt
€1.7m ▼ 3.9%
Debt's share of the balance-sheet total falls from 90.0% to 85.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€97,679▲
2024 · €70,615
Cash flow
€98,338▲
2024 · €71,058
Current ratio
0.03▲
2024 · 0.01
Debt to equity
6.71▼
2024 · 12.11
ROE
14.7%▲
2024 · 7.2%
ROA
1.9%▲
2024 · 0.5%
Interest coverage
37.19▲
2024 · 24.84
Debt ≤ 1 year
€1.5m▼
2024 · €1.6m
Debt > 1 year
€197,254▼
2024 · €230,494
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €440,000 | €440,000 | - | - | - |
| Carrying value of the mortgaged assets | €646,872 | €627,123 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €366,913 | €1.1m | €133,504 | €2,200 | - |
| Depreciation and write-downs of the year | €56,303 | €70,367 | €57,252 | €60,414 | €60,457 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,433 | €15,865 | €75,880 | €56,303 | €70,367 | €57,252 | €60,414 | €60,457 | ▲ 0.1% |
| Other operating charges640/8 | - | - | - | €5,139 | €6,120 | €10,057 | €9,557 | €9,726 | ▲ 1.8% |
| Gross operating margin9900 | €1,652 | €3,689 | €286,221 | €54,011 | €67,078 | €71,790 | €80,172 | €107,405 | ▲ 34.0% |
| Operating profit (loss)9901 | -€14,653 | -€16,018 | €205,520 | -€7,431 | -€9,409 | €4,480 | €10,201 | €37,222 | ▲ 265% |
| Recurring financial income75 | - | €20 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €3,788 | €3,417 | €3,133 | €2,843 | €2,627 | ▼ 7.6% |
| Recurring financial charges65 | €536 | €500 | €3,009 | €3,788 | €3,417 | €3,133 | €2,843 | €2,627 | ▼ 7.6% |
| Profit (loss) for the period before taxes9903 | -€15,190 | -€16,498 | €202,510 | -€11,220 | -€12,826 | €1,347 | €7,359 | €34,595 | ▲ 370% |
| Transfer from deferred taxes780 | - | - | - | €3,295 | €3,286 | €3,286 | €3,286 | €3,286 | = |
| Profit (loss) for the period9904 | -€15,190 | -€16,498 | €138,006 | -€7,924 | -€9,540 | €4,633 | €10,644 | €37,881 | ▲ 256% |
| Transfer from tax-exempt reserves789 | - | - | - | €9,885 | €9,857 | €9,857 | €9,857 | €9,857 | = |
| Profit (loss) for the period to be appropriated9905 | -€15,190 | -€16,498 | -€55,506 | €1,961 | €317 | €14,490 | €20,501 | €47,738 | ▲ 133% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.1m | €0.1m | €1.1m | €1.1m | €2.0m | €2.1m | €2.0m | €2.0m | ▲ 1.8% |
| Fixed assets21/28 | €0.1m | €0.1m | €0.7m | €1.0m | €2.0m | €2.0m | €2.0m | €2.0m | ▲ 0.5% |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.7m | €1.0m | €2.0m | €2.0m | €2.0m | €2.0m | ▲ 0.5% |
| Land and buildings22 | - | - | - | €1.0m | €2.0m | €2.0m | €2.0m | €2.0m | ▲ 0.5% |
| Current assets29/58 | - | €281 | €0.4m | €0.1m | €0.04m | €0.05m | €0.02m | €0.04m | ▲ 148% |
| Amounts receivable within one year40/41 | - | - | - | - | - | €0.04m | - | - | - |
| Trade receivables40 | - | - | - | - | - | €0.04m | - | - | - |
| Cash at bank and in hand54/58 | - | - | €0.4m | €0.1m | €0.04m | €0.01m | €0.02m | €0.04m | ▲ 160% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 3.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.1m | €0.1m | €1.1m | €1.1m | €2.0m | €2.1m | €2.0m | €2.0m | ▲ 1.8% |
| Equity10/15 | €0.03m | €0.01m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.3m | ▲ 73.5% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €0.07m | - |
| Reserves13 | €0.01m | €0.01m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.9% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 6.4% |
| Profit (loss) carried forward14 | -€0.1m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.1m | -€0.09m | ▲ 33.6% |
| Provisions and deferred taxes16 | - | - | €0.06m | €0.06m | €0.06m | €0.05m | €0.05m | €0.05m | ▼ 6.4% |
| Deferred taxes168 | - | - | - | €0.06m | €0.06m | €0.05m | €0.05m | €0.05m | ▼ 6.4% |
| Amounts payable17/49 | €0.08m | €0.09m | €0.9m | €0.9m | €1.8m | €1.9m | €1.8m | €1.7m | ▼ 3.9% |
| Amounts payable after more than one year17 | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 14.4% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 14.4% |
| Amounts payable within one year42/48 | €0.08m | €0.09m | €0.5m | €0.5m | €1.5m | €1.6m | €1.6m | €1.5m | ▼ 2.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 0.9% |
| Trade debts44 | €0.001m | €0.01m | €393 | €180 | €0.003m | €0.05m | €0.003m | €424 | ▼ 85.3% |
| Suppliers440/4 | - | - | - | €180 | €0.003m | €0.05m | €0.003m | €424 | ▼ 85.3% |
| Other amounts payable47/48 | - | - | - | €0.5m | €1.5m | €1.6m | €1.5m | €1.5m | ▼ 2.3% |
| Accrued charges and deferred income492/3 | - | - | - | €23 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.02m | -€0.02m | €0.1m | -€0.008m | -€0.01m | €0.005m | €0.01m | €0.04m | ▲ 256% |
| + Depreciation and write-downs630 | €0.01m | €0.02m | €0.08m | €0.06m | €0.07m | €0.06m | €0.06m | €0.06m | ▲ 0.1% |
| Operating cash flow (approximation) | -€0.002m | -€0.001m | €0.2m | €0.05m | €0.06m | €0.06m | €0.07m | €0.1m | ▲ 38.4% |
| Investment in fixed assets (approximation) | - | -€0.01m | -€0.6m | -€0.4m | -€1.1m | -€0.1m | -€0.002m | -€0.07m | ▼ 3,133% |
| Change in cash | - | - | - | -€0.4m | -€0.06m | -€0.03m | €0.004m | €0.02m | ▲ 555% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,685 companies had the same profile as AXSO has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of AXSO itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,685 companies, not a prediction for AXSO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00223118 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00306323 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00252492 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00177676 | |
| 31-12-2021 | micro format | 08-06-2022 | 2022-20052672 | |
| 31-12-2020 | micro format | 08-06-2021 | 2021-17800404 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-22500312 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-27300058 | |
| 31-12-2017 | micro format | 14-08-2018 | 2018-45800435 | |
| 31-12-2016 | abbreviated format | 11-07-2017 | 2017-29700380 |